DCF Tool


Thermo Fisher Scientific Inc. – Other Measuring and Controlling Device Manufacturing
Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the United States and internationally. 
Analysis Results
Intrinsic Value $742.57
Latest Price $505.66
Relative Value 32% undervalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 15.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 11.4 10.6
2024 13.2 11.3
2025 15.2 12.1
2026 17.5 13.0
2027 20.3 13.9
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 355 billion. This corresponds to a present value of 226 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 60.9 billion. Adding in the terminal value gives a total present value of 287 billion.

There are presently 386.0 million outstanding shares, so the intrinsic value per share is 742.57.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 25,229,000,000
Current Cash 8,524,000,000
Current Liabilities 17,010,000,000
Current Debt 5,579,000,000
Non-Cash Working Capital (NCWC) 5,274,000,000
Change in NCWC 537,000,000
EBIT 8,335,000,000
Tax Provision 703,000,000
Depreciation and Amortization 3,381,000,000
Capital Expenditure -2,243,000,000
Unlevered Free Cash Flow 9,245,351,037
Current Assets 20,113,000,000
Current Cash 4,477,000,000
Current Liabilities 13,436,000,000
Current Debt 2,537,000,000
Non-Cash Working Capital (NCWC) 4,737,000,000
Change in NCWC 781,000,000
EBIT 10,221,000,000
Tax Provision 1,109,000,000
Depreciation and Amortization 2,592,000,000
Capital Expenditure -2,523,000,000
Unlevered Free Cash Flow 9,788,314,812
Current Assets 21,957,000,000
Current Cash 10,325,000,000
Current Liabilities 10,304,000,000
Current Debt 2,628,000,000
Non-Cash Working Capital (NCWC) 3,956,000,000
Change in NCWC -17,000,000
EBIT 7,893,000,000
Tax Provision 850,000,000
Depreciation and Amortization 2,325,000,000
Capital Expenditure -1,474,000,000
Unlevered Free Cash Flow 7,798,411,764
Current Assets 11,893,000,000
Current Cash 2,399,000,000
Current Liabilities 6,197,000,000
Current Debt 676,000,000
Non-Cash Working Capital (NCWC) 3,973,000,000
Change in NCWC 327,000,000
EBIT 4,181,000,000
Tax Provision 374,000,000
Depreciation and Amortization 2,277,000,000
Capital Expenditure -926,000,000
Unlevered Free Cash Flow 5,474,800,000
Current Assets 10,625,000,000
Current Cash 2,103,000,000
Current Liabilities 6,147,000,000
Current Debt 1,271,000,000
Non-Cash Working Capital (NCWC) 3,646,000,000
Change in NCWC 473,000,000
EBIT 3,833,000,000
Tax Provision 324,000,000
Depreciation and Amortization 2,267,000,000
Capital Expenditure -758,000,000
Unlevered Free Cash Flow 5,434,285,101
Current Assets 9,421,000,000
Current Cash 1,335,000,000
Current Liabilities 7,048,000,000
Current Debt 2,135,000,000
Non-Cash Working Capital (NCWC) 3,173,000,000
Change in NCWC 548,500,000
EBIT 3,065,000,000
Tax Provision 201,000,000
Depreciation and Amortization 2,033,000,000
Capital Expenditure -508,000,000
Unlevered Free Cash Flow 4,884,870,934
Current Assets 7,021,000,000
Current Cash 786,200,000
Current Liabilities 4,865,800,000
Current Debt 1,255,500,000
Non-Cash Working Capital (NCWC) 2,624,500,000
Change in NCWC 429,900,000
EBIT 2,638,400,000
Tax Provision -1,400,000
Depreciation and Amortization 1,758,000,000
Capital Expenditure -444,400,000
Unlevered Free Cash Flow 4,381,900,000
Current Assets 5,741,200,000
Current Cash 452,100,000
Current Liabilities 4,147,300,000
Current Debt 1,052,800,000
Non-Cash Working Capital (NCWC) 2,194,600,000
Change in NCWC 144,200,000
EBIT 2,451,500,000
Tax Provision -43,900,000
Depreciation and Amortization 1,688,200,000
Capital Expenditure -422,900,000
Unlevered Free Cash Flow 3,861,000,000
Current Assets 6,539,800,000
Current Cash 1,352,000,000
Current Liabilities 5,349,800,000
Current Debt 2,212,400,000
Non-Cash Working Capital (NCWC) 2,050,400,000
Change in NCWC 138,500,000
EBIT 1,904,800,000
Tax Provision 191,700,000
Depreciation and Amortization 1,684,800,000
Capital Expenditure -427,600,000
Unlevered Free Cash Flow 3,125,552,625
Current Assets 9,880,700,000
Current Cash 5,830,500,000
Current Liabilities 3,126,000,000
Current Debt 987,700,000
Non-Cash Working Capital (NCWC) 1,911,900,000
Change in NCWC -67,400,000
EBIT 1,687,300,000
Tax Provision 40,400,000
Depreciation and Amortization 999,900,000
Capital Expenditure -282,400,000
Unlevered Free Cash Flow 2,285,738,825
Current Assets 4,834,800,000
Current Cash 855,300,000
Current Liabilities 2,093,300,000
Current Debt 93,100,000
Non-Cash Working Capital (NCWC) 1,979,300,000
Change in NCWC 18,300,000
EBIT 1,564,200,000
Tax Provision 11,000,000
Depreciation and Amortization 983,700,000
Capital Expenditure -315,100,000
Unlevered Free Cash Flow 2,237,545,407

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.